Palmetto Citizens Federal Credit Union with branches dotting the Columbia metro area is making a move 75 miles southwest and over the state border by agreeing to buy four bank branches around Augusta, Ga.
The total price was not disclosed but the deal, which is expected to close in the first half of 2026, includes about $83 million in deposits and $20 million in loans as of Sept. 30 in addition to the value of the branches themselves.
The seller, Southern Financial Corp. of Spartanburg, S.C., which operates Southern Bank, told CU Times Tuesday it expects to reap a gain net of taxes and other expenses of $2.8 million to $3.8 million.
A Monday news release from the bank and credit union said Palmetto Citizens plans to hire the branch employees, which the bank said is 21 full-time-equivalents. The credit union said it will be acquiring about 3,000 members in the area, which adjoins North Augusta, S.C., in Aiken County.
“Branches in the North Augusta and Aiken areas will likely be in our future plans, but no dates or timeframes are set yet,” Chris Terlinden, Palmetto Citizen's SVP and chief marketing officer, said Tuesday.
The NCUA showed the credit union had $1.4 billion in assets and 85,933 members as of Sept. 30. NCUA branch data showed it has 15 branches, all in the Columbia metro area. It said it plans to open a 16th office in March 2026 in Whitmire, 55 miles northwest of Columbia.
Robert Dozier, president/CEO of Palmetto Citizens, said the Georgia branches are a chance to spread the credit union’s nearly 90-year reputation “for trust, stability, and care for our members and the communities we serve.”
“This agreement represents an exciting opportunity to build on that legacy by thoughtfully expanding our service beyond South Carolina and into Georgia,” Dozier said. “We look forward to welcoming these new members into the Palmetto Citizens family and providing them with the same personal, community-focused service and value that have long defined who we are.”
Southern Bank will continue with its South Carolina offices in Spartanburg, Greenville, Aiken and Myrtle Beach.
Jamin Hujik, executive vice chair of Southern Bank, said the bank has evolved into a commercially focused community bank over the past couple years. As a result, the board and management “began assessing our options related to portions of our enterprise that did not entirely fit the new business plan.”
“The sale of our Georgia branches to Palmetto Citizens will provide additional capital for the continued growth of the bank for shareholders and a strong consumer and community focused partner for our team members, customers and communities,” Hujik said.
The branches Palmetto Citizens plans to buy are located at:
- 731 Charles Perry Ave., Sardis, Ga., in Burke County, 45 miles southeast of Augusta.
- 855 N Liberty St., Waynesboro, Ga., in Burke County, 30 miles south of Augusta.
- 21 College St., Gibson, Ga., in Glascock County, 43 miles southwest of Augusta.
- 2455 Ga Highway 88, Hephzibah, Ga., in Richmond County, 15 miles south of Augusta.
The definitive agreement is subject to customary closing conditions and regulatory approvals.
Palmetto Citizens was served by Mercer Capital of Memphis as financial advisor and Hongiman, LLP of Detroit as legal counsel. Southern Bank was served by Burke Stelling Group of Atlanta as financial advisor and Nelson Mullins Riley & Scarborough LLP of Columbia as legal counsel.
Contact Jim DuPlessis at JDuPlessis@cutimes.com.
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